Donald Trump may already have decided who should inherit his political empire in 2028.

It is not Vice President JD Vance.

It is not Secretary of State Marco Rubio.

According to The Bulwark editor Jonathan V. Last, the strongest clues point toward someone much closer to the president—and the reason may have less to do with ideology than with money.

Last believes Donald Trump Jr. could eventually become the family’s preferred presidential candidate because the Trump brand has created a sprawling political and financial system that may lose enormous value if control of the Republican Party passes to an outsider.

“There’s simply too much money to be made,” Last wrote.

His argument centers on a reported new product being developed by Trump Media & Technology Group, the parent company of Truth Social.

The proposed service, referred to by Last as “Truth API,” would allegedly give paying subscribers rapid access to posts and information connected to the platform, potentially before the same material appears in the ordinary public feed.

That possibility immediately raises serious questions.

Trump’s social media posts can affect stock prices, cryptocurrencies, defense companies, foreign currencies and entire industries. A statement about tariffs, sanctions, military operations or federal policy can move markets within seconds.

If certain customers received that information even slightly earlier than the general public, the advantage could be extraordinarily valuable.

Last described the concept in deliberately provocative terms, calling it potentially “the greatest trick in the history of insider trading.”

That is his characterization, not a legal finding. The supplied report does not establish that Trump Media, Trump or any family member has violated securities law, manipulated markets or used nonpublic information for illegal trading.

But the concern is easy to understand.

In financial markets, a few seconds can mean millions of dollars.

High-speed traders spend enormous sums securing faster data connections because early information can allow them to buy or sell before prices adjust.

A premium service connected to a sitting president’s personal communications could therefore become extremely profitable—especially if subscribers believed it offered an advance look at statements capable of reshaping the market.

“This story is fascinating,” Last wrote. “It demonstrates Trump’s animal cunning.”

He also argued that the proposal exposed a vulnerability in America’s economic and political systems that many people had never considered.

A president’s words have always influenced markets.

What would happen if access to those words became a commercial product?

That question leads directly to Trump’s political succession.

Last believes the president is building an infrastructure whose financial value depends on the continued fusion of the Trump family, the Republican Party and the White House.

A social media information service tied to presidential power could generate enormous revenue while a Trump occupies—or appears likely to occupy—the Oval Office.

Without that connection, the product could rapidly lose its appeal.

“Truth API is worth probably a few hundred million dollars a year if a Trump is president, or is presumed to have a 50-50 chance to be president,” Last argued.

“It is worth zero dollars if Marco Rubio or JD Vance is president.”

Those figures are Last’s estimate, not verified revenue projections included in the supplied report. But they illustrate the economic logic behind his theory.

If Vance becomes president, Truth Social may remain popular among conservatives.

If Rubio wins, Trump Media may still retain a loyal audience.

But neither man would be expected to conduct government through a platform owned by Trump’s family.

Their statements, decisions and political futures would belong to them.

The family’s unique access to presidential attention would disappear.

Donald Trump Jr., however, could preserve the entire structure.

He carries the name.

He already commands a substantial following among MAGA voters.

He has spent years serving as one of his father’s most aggressive defenders and political surrogates.

And a presidential campaign by Don Jr. could keep the market believing that Truth Social remained connected to future executive power.

Last views that possibility as part of a much broader pattern.

He pointed to Trump-branded 2028 merchandise, attempts to influence the midterm environment, major White House construction projects and other actions that suggest the president does not see his political movement as something to hand over peacefully to another Republican leader.

“Like the ballroom, the underground bunker, the attempt to monkey with the midterm elections, the Trump 2028 hats, and much else, I take Truth API as another signal that Trump does not intend to let ownership of the Republican Party pass to someone outside his family,” Last wrote.

Again, that is an interpretation.

Trump has not formally announced Don Jr. as his preferred successor in the information provided. Nor has Don Jr. declared a 2028 campaign.

Vance and Rubio remain prominent national Republicans with their own constituencies, experience and ambitions.

But Last’s analysis suggests that political qualifications may not be the decisive factor.

The issue is ownership.

Trump has spent more than a decade transforming the Republican Party into a movement centered on his identity.

Candidates compete for his endorsement.

Officials defend his personal grievances.

Conservative media follows his daily messages.

Fundraising, merchandise, digital platforms and political influence all flow through the Trump name.

Passing the presidency to Vance or Rubio could preserve many Trump policies.

It would not preserve Trump family control.

That distinction could become explosive as 2028 approaches.

Vance may expect loyalty to be rewarded with succession.

Rubio may believe his diplomatic role and national profile make him a natural candidate.

Other Republicans may see an open race after Trump’s final constitutional term.

But the Trump family could view the presidency not as an office to be transferred, but as the central asset inside a political business empire.

A Don Jr. campaign would not necessarily succeed.

He has never held elected office, and his ability to persuade voters beyond the MAGA base remains untested.

He would also face accusations of attempting to create a political dynasty built on inherited influence rather than public service.

Yet he would begin with advantages no ordinary candidate could replicate: instant recognition, direct access to his father’s supporters and a media ecosystem already built around the family.

Last’s theory is ultimately about incentives.

Trump may publicly praise Vance and Rubio.

He may describe both as possible future leaders.

But if the family’s financial infrastructure depends on maintaining ownership of the party, handing power to either man could mean surrendering far more than a political title.

It could mean surrendering a fortune.

Trump has spent years insisting that the MAGA movement belongs to its voters.

Last suspects the president sees it differently.

In his telling, the Republican Party has become a family asset—and Donald Trump Jr. may be the heir being quietly prepared to protect it.